Spain capital – Jaca Huesca Wed, 20 Oct 2021 21:12:19 +0000 en-US hourly 1 Spain capital – Jaca Huesca 32 32 Impact of New Spanish SEC Rules on Controlled Foreign Holding Companies | Hogan Lovells Wed, 20 Oct 2021 19:04:25 +0000

Spain’s new rules on controlled foreign companies could have a major impact on non-resident holding companies, and in particular those residing in a country outside the EU and EEA due to the controversial implementation ( and, in our opinion, incorrect) of the ATAD directive in Spain. The new wording could give rise to the application of the CFC rules to situations in which it is clear that there is no artificial relocation of income to a territory with low or no taxation, a potential double taxation on 5% of dividends and capital gains (1.25% effective tax in Spain triggered twice) obtained by foreign holding companies even in cases where the dividend allocated to the Spanish shareholder is distributed during the same period tax, or even the exclusion of foreign holding companies from the exemption from Spanish participation on capital gains.

Which is new?

Law 11/20211, which implements Council Directive (EU) 2016/1164 of 12 July 2016 (known as “ATAD”)2 in Spain, introduced several changes to Spanish regulations3 Rules relating to foreign companies (“SEC”) with effect from 1 January 2021 which will have an impact not only on foreign operating subsidiaries or permanent establishments generating “passive income” but also on non-resident holding companies, and in particular holding companies resident in a country outside the European Union (“EU”) and the European Economic Area (“EEA”).

Until Law 11/2021, the Spanish CFC rules did not have a major impact on Spanish companies with a majority stake in foreign holding companies because the CFC regime expressly excluded dividends and capital gains obtained. by foreign holding companies from ≥5% ranking subsidiaries of the “passive income” imputation rule, if the foreign (first rank) holding company had (at the level of the group of companies) the “substance” corresponding (i.e. human and material resources) to manage participation.

However, the removal of this exception, as well as the reduction from 100% to 95% (i.e. implying an effective tax of 1.25% in Spain) of the Spanish participation exemption applicable on dividends and capital gains of non-Spanish subsidiaries, will imply that Spanish companies may be obliged to recognize, under CFC rules, an amount of 5% of dividends and gains obtained by foreign holding companies if such dividends or gains have been subject to tax at a rate lower than 75% of the Spanish corporation tax (“CIT”) (i.e. 1.25%)4.

In addition, the (in our opinion incorrect) implementation of the ATAD Directive in Spain has given rise to a number of technical doubts (see next section) regarding the interpretation and application of Spanish CFC rules. This could imply that, in addition to accounting for income obtained by foreign holding companies, the Spanish tax authorities may understand that:

  • Spanish companies (including those applying the Spanish ETVE5 regime) may be subject to an additional 5% tax in Spain on dividends from foreign sources previously included in the tax base of the Spanish shareholder’s corporate tax (even if they are distributed during the same year as interim dividend); and
  • The capital gain resulting from the sale of shares in a foreign holding company that has been subject to CFC rules during previous tax periods cannot (partially or totally) benefit from the Spanish participation exemption.

Main controversial aspects of Spain’s amended CFC rules

CFC rules are designed to prevent taxpayers from deferring the taxation of profits in low or no tax jurisdictions. Subject to a minimum tax calculation test, these rules have the effect of reallocating the income of a low-tax SEC subsidiary to its parent company, which becomes taxable in its country of tax residence.

We include below some of the main controversial issues arising from the changes introduced by Law 11/2011 in the Spanish CFC rules:

Do Spain’s CFC rules still apply to dividends and capital gains received by foreign holding companies that have been fully exempt in their jurisdiction of tax residence?

Spain’s CFC rules are triggered if the income received by foreign affiliates has not been taxed at least 75% of what it would have been taxed in Spain (i.e. the tax test minimum). Therefore, if such dividends or capital gains have been taxed at less than 1.25% (or fully exempt or not taxable due to the existence of a territorial tax regime) in that jurisdiction, the Spanish shareholders are in principle required to include in their tax base of corporate tax under the CFC rules an amount of 5% of the dividends or capital gains obtained by the foreign subsidiary, even if these dividends or capital gains n ‘have not yet been distributed to the Spanish shareholder.

However, subject to a detailed review of each scenario, there are situations where this inclusion may not be required, for example:

  • Technically, the Spanish participation exemption has been interpreted as a total exemption which in certain cases must be reduced by a flat rate of 5% corresponding to the management costs relating to the operation in such a case are fixed at a flat rate. If the jurisdiction of the foreign holding company had a similar exemption (i.e. a total exemption reduced by a flat rate of ≥ 5% due to management fees), the Spanish CFC rules would not apply. would not apply;
  • If the Spanish company does generate management fees (to be analyzed in more detail, what should be considered as “management fees” for this purpose) greater than 5% of the dividends / capital gains received during the of a given tax period, the Spanish CFC rules would not apply;
  • If the foreign holding company is tax resident in the same jurisdiction as the second tier operating subsidiaries concerned, the literal wording of the Spanish CFC rules may lead to the conclusion that the dividends / gains obtained by the foreign holding company are affected by the rules. related to CFCs, but this conclusion would be totally contrary to the objective of the CFC rules because in these cases it is clear that there is no artificial relocation of income to a territory with a low tax rate or without taxation. We are awaiting further guidance from the Spanish Directorate General of Taxes to apply the CFC rules in such situations.
Will dividends / gains subject to the CFC in Spain be taxed again when such dividends are distributed in the current financial year or in subsequent years?

Following the literal wording of the Spanish corporate tax law, even if the dividends distributed by the foreign subsidiary have already been submitted to the Spanish corporate tax in the hands of the Spanish shareholder due to the application of the Spanish corporate tax rules. SEC, the distribution of said dividends by the foreign holding company to the Spanish shareholder would trigger an additional effective taxation of 1.25% in Spain (even if it were distributed in the same year as an interim dividend).

In our opinion, there are very good reasons to defend that any taxation applicable to dividends distributed when the income previously included in the taxable base is distributed to the shareholder would be contrary to the ATAD Directive, because:

  • The ATAD Directive states that the income to be included under the CFC rules is “undistributed income”, and therefore the CFC rules should exclude the taxation of dividends distributed in the same year as dividends. temporary workers; and
  • The ATAD Directive requires that the CFC rules ensure that there is no double taxation when the amounts of income previously included in the tax base are distributed to the shareholder, so that there should not be additional tax on dividends distributed in subsequent tax periods, as happened with the previous wording of the CFC rules.
Is the Spanish capital gains participation exemption threatened when the participation in a foreign holding company is sold?

The combined effects of the new Spanish rules on CFCs and the removal of the exception applicable to foreign holding companies may jeopardize the application of the Spanish participation exemption to capital gains resulting from the sale of shares in a foreign holding company. This is because the Spanish participation exemption is not applicable to capital gains derived from shares in CFC entities where 15% or more of its income is considered passive income for the purposes of CFCs.6.

The literal application of the exclusion established in the Spanish participation exemption for SEC entities does not correspond to the other provisions and requirements of the Spanish participation exemption, as it is designed to “examine” direct holding companies7 and focus on second-tier (or lower) operational subsidiaries to determine whether the conditions for applying the exemption are met.

Therefore, in our opinion, the Spanish legislator should include a safeguard clause in the exclusion of SECs from the participation exemption when the SEC entity is a foreign holding company. In the meantime, we expect the Spanish Directorate General of Taxes to confirm that foreign holding companies should be eligible for the Spanish participation exemption.

Next steps

Spanish multinational groups investing abroad or foreign multinational groups investing through Spanish holding companies must analyze the changes introduced in Spanish CFC rules in order to properly assess the impact of these new tax measures on their corporate structure. company, and in particular if the investments are structured through foreign holdings.

The references

1. Law 11/2021, of July 9, relating to measures to prevent and combat tax fraud.

2. Council Directive (EU) 2016/1164 of 12 July 2016 establishing rules against tax avoidance practices which directly affect the functioning of the internal market.

3. A foreign company is considered to be controlled for the purposes of the SEC if the Spanish taxpayer, alone or jointly with related parties, has a direct or indirect participation of at least 50% in the share capital, equity, results or the voting rights of the company. foreign entity.

4. We note that the withholding taxes incurred by the foreign holding company on these dividends will be calculated for this minimum tax.

5. Entidades de Tenencia de Valores Extranjeros.

6. If the foreign holding company does not receive passive income (or if it is less than 15% of its total income) during certain holding periods, the participation exemption is not applicable to the share of the capital gain which corresponds to the tax portion of the periods during which the 15% has been exceeded.

7. Unless they are located in a non-cooperative jurisdiction for Spanish tax purposes.

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Cry Out Loud: Spain’s Crying Room ready to break mental health stigma Tue, 19 Oct 2021 14:30:00 +0000 Discussions and discussions about mental health have only recently gained momentum. For eons it has been overlooked or stigmatized for creating a more “supposedly” strong and self-sufficient society. While physical conditions and problems are visible and can be diagnosed effectively, mental health problems are often put aside because they are barely noticeable with the naked eye.

Read more: 7 signs that you are “suppressing” your emotions and fighting your own battles

Taking the initiative to break stereotypes and taboos about mental health, a building in the Spanish capital Madrid has set up a “crying room”, a safe space where people can let their guard down, cry, ask for help. help and more. The project aims to break down the social stigma surrounding mental health and help people understand that it is “okay” to ask for help.

La Lloreria or the room of tears: what and where is it?

Located in central Madrid, Spain, La Lloreria or the Hall of Tears has signs that say “Come in and cry” or “I have anxiety too.” These two signs normalize the idea of ​​crying and to manage anxiety. There is a feeling of solidarity, a feeling of inclusion. You have the impression that you are not alone in this battle against mental health problems.

On one side of the room, there are phones with a list of people that visitors can call if they want to “talk” or “express” what they are feeling.

Since the stigma associated with crying, expressing sadness, and mental health issues has been around for a long time, this unique concept and creative idea to set up a safe room for anyone facing a problem or problem. problem in life is very encouraging and revolutionary to some extent.

What is the objective behind this initiative?

According to government data, 3,671 people committed suicide in 2019 alone, and 5.8% of the country’s total population suffer from anxiety. In addition, one in ten adolescents has been diagnosed with a mental health problem.

This year, on World Mental Health Day, which falls on October 10, Spain’s Prime Minister Pedro Sanchez announced a € 100 million or $ 116 million mental health care campaign, which would include a 24 hour suicide helpline. “This is not a taboo, it is a public health issue that we need to talk about, make visible and act accordingly,” the prime minister said.

But the stigma around mental health is not just a Spanish problem, but rather a global crisis. In India itself, one in 20 Indians suffers from depression, according to a WHO report. The World Health Organization says India tops the list of countries most affected by anxiety, schizophrenia and bipolar disorder, with around 38 million people suffering from anxiety disorders.

Why we need to spark conversations around mental health

In the wake of the novel coronavirus, discussions and conversations about mental health have become more common. However, there is never a good or bad time to talk about our mental health. It is something that is constantly there and until we strive to normalize conversations about it, to make it better known, people will always be reluctant to express, share their grief, and might become more prone to d ‘other complications.
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BBVA and El Celler de Can Roca launch “Seeds for the future” Mon, 18 Oct 2021 09:41:50 +0000

“For years, BBVA and El Celler de Can Roca have worked to help people in the transition to sustainable living, ensuring a green, inclusive and resilient future. Beyond the fight against climate change, the conservation of biodiversity is also fundamental. Per capita natural capital is estimated to have declined by almost 40 percent between 1992 and 2014, and more than half of global GDP is moderately or heavily dependent on ecosystems – a dependence that is even more pronounced in Latin America, ”said Antoni Ballabriga, Global Head of Responsible Business at BBVA.

“Biodiversity, healthy food and climate change are inextricably linked. Without a great diversity of plants and their genetic diversity, we cannot have quality nutrition for healthy and productive lives, adapt agriculture to climate change or achieve global sustainable development goals, ”said Álvaro Toledo, Assistant Secretary (ai), FAO International Treaty on Plant Genetic Resources for Food and Agriculture, one of the institutions that collaborated with BBVA and El Celler de Can Roca on this project.

A number of international chefs working in sustainable gastronomy attended the launch event, such as Christian Petersen (Argentina), Harry Sasson (Colombia), Jorge Antonio Vallejo García (Mexico), Leonor Espinosa (Colombia), Maksut Askar (Turkey), Rodrigo Pacheco (Ecuador) and Santiago Blondel (Argentina); as well as organizations committed to the preservation of biodiversity such as the Food and Agriculture Organization (FAO) United Nations, Harvest trust, the International Fund for Agricultural Development (IFAD) and Slow food.

Sustainable gastronomy and support for small farmers: a cornerstone of the partnership between BBVA and El Celler de Can Roca

The adventure of El Celler de Can Roca and BBVA together is a story of shared values: responsibility, innovation, commitment, comprehensiveness, leadership and the desire to do better. It is a partnership created in 2013 that has traveled the world, seeking to invigorate small farmers and fishermen in every region, exploring and promoting the stories of their flagship products.

In 2020, during the worst period of the COVID-19 pandemic, BBVA and El Celler de Can Roca took a new step to support these farmers with “Sustainable gastronomy: support for small producers” – a project that aims to conserve resources natural products and recognizes the efforts of people who work on land and at sea. A few months later, they announce the Best Sustainable Producers Awards: rewards which, during their last two editions, have given visibility to farmers, breeders and producers of local products whose activity combines environmental protection, commitment to energy savings and healthy food. .

This initiative joins others launched by the bank to support these types of producers in the current situation. In this context, BBVA has set up a loan in Spain which helps farmers and ranchers turn their conventional farms into organic farms, and has also run a free vocational training program so their customers in Spain can learn about selling online. And its ‘Comercio a distancia’ (remote business) platform in Mexico and Spain is helping non-digital businesses meet the demand for remote orders in the context of COVID-19.

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Fit Barca can still win La Liga, says Koeman Sun, 17 Oct 2021 05:00:04 +0000

MADRID, Spain, October 16Ronald Koeman said on Saturday that Barcelona will have a team to win La Liga once their injured players recover.

Barca sit ninth in the table ahead of a difficult week that includes league games against Valencia on Sunday and Real Madrid next weekend, with a Champions League home game against Dynamo Kiev in between.

Koeman has suggested that Sergio Aguero could be included in the squad to face Valencia, as the former Manchester City striker has yet to make his Barca debut due to a calf injury.

Ousmane Dembele, Pedri, Martin Braithwaite and Ronald Araujo are also absent while Ansu Fati has just returned from a long-lasting knee problem.

“Little by little we are getting the team we want,” Koeman said at a press conference. “We haven’t been lucky with the injuries, but when they recover we’ll have a team fighting for the league title.”

Aguero played around 25 minutes and scored in a friendly against Cornella on Wednesday after resuming full training earlier in the week.

The 33-year-old joined Barcelona on a free transfer in June with the intention of playing with Argentina teammate Lionel Messi, only for Messi to move to Paris Saint-Germain.

“He’s improved a lot lately,” Koeman said. “He lacks match rhythm and physical acuity, but he will recover by playing. It is possible that he will be in the team tomorrow.

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Fati also starred in the friendly as he perfects himself after an 11-month absence.

“We will decide tomorrow,” Koeman said on Fati’s chances of playing against Valencia. “Every day he gets better, but he’s been away for a long time and it will take more weeks to regain that sharpness.

“We will play three games in the next (eight) days. He won’t be able to play them all, that’s for sure.

Dembele is also training again but is even further behind after three months of absence following knee surgery. The Frenchman is not expected this weekend.

Koeman’s future looked bleak after just one win in six matches, but club president Joan Laporta said ahead of the international break that the Dutchman would continue to lead.

“I’m not worried,” Koeman said. “In a club as big as Barça, there are always things like that. I’m used to it, it’s not the first time. Last season, we were already talking about the coach.

“The president supported me and explained things very well but there is no doubt that a coach always depends on the results.”

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Spanish bank Sabadell reaches deal with union to cut jobs Fri, 15 Oct 2021 21:11:00 +0000 People walk to the door of an office at Sabadell Bank in Barcelona, ​​Spain on September 7, 2021. REUTERS / Albert Gea / File Photo

MADRID, Oct. 15 (Reuters) – Spanish bank Sabadell (SABE.MC) on Friday reached an agreement with a leading union to lay off up to 1,605 employees in its domestic market, less than the more than 1,900 initially planned.

The deal with Comisiones Obreras (CCOO) was reached after the bank responded to some of the union’s demands, such as setting a lower number of layoffs, capped at 1,380, a union spokesperson said .

“If 1,380 employees took a leave, the bank would take it,” the union spokesperson said, adding that if more people decided to leave, the cuts would be capped at 1,605 employees.

Sabadell issued a statement to the Spanish National Securities Market Commission (CNMV) confirming the deal.

“Today, Banco Sabadell has reached an agreement with all sections of the negotiating committee of the unions that represent the employees, in the framework of a dismissal procedure for Banco Sabadell in Spain which will affect a maximum of 1,605 employees”, a indicated the bank in a press release. .

The cost of the process is estimated at 269 million euros ($ 312.15 million) before tax, the bank said.

This would have a negative impact of around 23 basis points on the fully loaded Common Equity Tier 1 (CET1) ratio, the most stringent measure of solvency, he added.

This impact will be neutralized by capital gains from the sale of its bond portfolio, the bank said.

The deal will result in savings of at least 100 million euros ($ 116.01 million) per year before taxes, in line with what was announced in Banco Sabadell’s strategic plan, the bank added.

Spanish banks and their counterparts elsewhere in Europe are cutting costs and adapting to a move towards online banking, either on their own or through mergers, as their overall profitability is eroded by ultra-high interest rates. -low.

In September, Sabadell presented unions with a plan to cut 1,936 jobs and close or partially close 496 branches, as part of a shift to online banking.

This is the lender’s second downsizing in less than a year after recently cutting 1,817 jobs in Spain, where it employs a total of 14,648 people.

A total of 320 branches will close, nearly a fifth of the bank’s more than 1,600 branches in Spain, while the rest will open a few days a week, one of the sources told Reuters in September.

($ 1 = 0.8618 euros)

Report by Jesús Aguado; edited by Andrei Khalip, Susan Fenton, Jonathan Oatis and Richard Chang

Our standards: Thomson Reuters Trust Principles.

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FTSE 100 closes despite rising energy prices Thu, 14 Oct 2021 16:07:00 +0000

The FTSE 100 index closed higher on Thursday despite rising energy prices, said senior market analyst at IG Joshua Mahony. The index is moving a touching distance from 19-month highs, Mr Mahony said. “Fears about energy prices and inflation appear to have abated for now, although the current 5% rise in natural gas prices increases the risk that this respite will be short-lived,” said Mr Mahony, adding that “the collapse of three other UK energy suppliers this week underlined that prices will rise sharply for suppliers to stay in business.”

Companies News: 

Firering Strategic Minerals expects to float in London next month

Firering Strategic Minerals PLC said Thursday that it plans to go on the London Stock Exchange in early November and use the money to acquire pilot production plants and finance exploration.

Capital & Regional will restructure its shopping center; Launches £ 30million fundraiser

Capital & Regional PLC said Thursday it has reached an agreement with lenders to restructure and reduce secured debt on its four mall assets, including launching a £ 30m ($ 41m) open bid.

Purplebricks CFO to resign at the end of October, Steve Long named successor

Purplebricks Group PLC announced Thursday that CFO Andy Botha will step down from his duties and board at the end of October and that he has appointed Steve Long as his successor.

Radiator Company Stelrad confirms its intention to float in London

Stelrad Group PLC, a manufacturer and distributor of steel panel radiators, confirmed on Thursday its intention to list on the London Stock Exchange.

Castelnau surpasses the target show in the London float

Castelnau Group Ltd. said on Thursday it had raised gross proceeds of £ 53.1million ($ 72.5million) in its float on the London Stock Exchange, with its market cap exceeding its target issue size.

Rubix Group Holdings will be listed on the main London market

Rubix Group Holdings Ltd. said on Thursday he plans to list on the main London stock market and expects to raise proceeds of around 850 million euros ($ 985.6 million) through a placement of new ordinary shares.

National Express revenue continued to improve in the third quarter – Update

National Express Group PLC said on Thursday that revenues continued to improve in the third quarter of the year, and it supported its underlying pre-tax profit expectations for the full year.

UK Antitrust Watchdog investigates acquisition of TM Group by Dye & Durham (UK)

The French Competition and Markets Authority said on Thursday it was investigating whether the acquisition of TM Group (UK) Ltd. by Canadian cloud-based software provider Dye & Durham Ltd. could lead to a substantial decrease in competition in UK markets.

Tower trader IHS to debut trading after low-priced IPO

The shares of IHS Holding Ltd. are set to debut in the United States on Thursday after the wireless tower operator’s initial public offering was valued at lower expectations.

Market Talk: 

UK borrowing costs fall as BOE’s Tenreyro minimizes rate hike

10:49 GMT – Comments by Bank of England rate fixer Silvana Tenreyro on Thursday downplaying the effectiveness of an interest rate hike in countering a one-time price shock help UK government bond prices to pull up based on their recent small gains. Tenreyro told local Wales media that raising interest rates to cope with rising energy and semiconductor prices would be ‘doomed’ if higher inflation is of short time. The yield on two-year gilts, which are more sensitive to changes in interest rate expectations, fell to 0.537% on Thursday, after hitting 0.614% on October 11, the highest level since January 2020, according to Tradeweb. Bond prices move inversely with yields.

National Express Salary Offers Help Strengthen Recovery

10:47 GMT – National Express’s sequential performance improvement across all segments has been driven by the recovery in passenger volumes, Citi said. In addition, in addition to signing wage deals in Spain and the UK, the transport operator is using support from the US government to tackle driver shortages and offset some of the wage pressure as it expects to wage inflation of around 5% there, Citi said. “We consider the cost mitigation measures, including the two-year wage agreements in Spain and the UK, to be positive,” the US bank said. Citi evaluates the purchase of shares with a target price of 350 pence. Shares are up 2.1% to 234 pence.

Shattering SSE Would Not Guarantee Value Creation, Berenberg Says

1009 GMT – A separation of the ESS grid and renewable energy activities could lead to more transparency of assessments for both, but would not guarantee value creation, Berenberg said. Britain’s energy company is said to be under pressure from activist investor Elliott to consider a split. It is not clear how SSE’s other activities would fit into this separation, according to the German bank. Additionally, the company’s current integration supports dividend growth, as a stand-alone renewable energy company would likely prioritize capital spending, he says. Berenberg raises the target price to 1,690 pence from 1,300 pence, reflecting more optimistic long-term expectations for SSE’s renewable business, but retains a sustaining note after the recent rise in the share price.

RBC raises its forecast for gas prices in Europe

0958 GMT – A combination of factors has led to an unprecedented rise in gas prices in Europe, and multi-year low storage levels have made prices vulnerable to further price shocks this winter, RBC Capital Markets said . Analysts at the Canadian bank are improving their 2021 forecast for the NBP – the UK gas benchmark – by 21% to $ 13.08 per thousand cubic feet, and by 69% for 2022 to $ 14.16. Meanwhile, for 2023, RBC has established an estimate of $ 10.49, while the long-term outlook is held unchanged at $ 7.00. “While Nord Stream 2 and more US LNG may help ease some pressures through 2022, we expect price strength to persist,” RBC said.

A softer stance in the speeches of BOE rate regulators could refine the Gilt curve

0909 GMT – A softer stance on the path of rising UK interest rates from Bank of England rate regulators speaking on Thursday could push the interest rate curve to s ‘accentuate, Mizuho said. “There is a good chance that today’s speakers can provide more clarity on where the consensus of the Monetary Policy Committee actually lies, and we expect that consensus to favor a more gradual path. than the one currently priced, “say the bank’s analysts. This could be a catalyst to steepen the gilt forwards of intermediate maturities, which beyond 2 years are now extremely flat, they specify, noting that the segments between the 2 year 1 year forwards and the 4 year 1 year forwards are now reversed.


Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka Halas at


(END) Dow Jones Newswires

October 14, 2021 12:07 p.m. ET (4:07 p.m. GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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Fluidra wins several awards in the Institutional Investor 2021 “All-Europe Executive Team” ranking Wed, 13 Oct 2021 10:18:00 +0000

Barcelona, ​​Spain – (COMMERCIAL THREAD) – Fluidra, world leader in swimming pool and wellness equipment and connected solutions, received two awards in the Institutional Investor 2021 “All-Europe Executive Team” ranking.

The company was awarded first place in its industry by investors and analysts for the categories “Best Investor Relations Program” and “Best Capital Markets Day”, their event for analysts and investors. These awards place Fluidra in the overall top 5 of its sector at European level.

The Institutional Investor’s All-Europe Executive Team is the benchmark European ranking and is created each year following an in-depth survey of analysts from over 650 institutions and over 1,500 financial investors. Participants vote for the best executives and professionals in IR in more than 1,000 European companies.

Institutional Investor is an internationally renowned journal specializing in international finance, with over fifty years of history. To be included in this list represents significant recognition of leadership and management within the economic and financial industry.

About Fluidra

Fluidra SA (FDR: SM), is the world leader in the field of swimming pool and wellness equipment. It is currently included in the Ibex 35, the benchmark of the Spanish stock market, and in the FTSE4Good Index Series, the sustainability benchmark. Within its activity, it is distinguished by a wide range of innovative products and services, as well as connected solutions, and operates in more than 45 countries. The company has a portfolio of some of the most recognized brands in the industry, including Jandy®, AstralPool®, Polaris®, Cepex®, Zodiac®, CTX Professional® and Gre®.

To learn more about Fluidra, visit

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Scientific equity is the new asset class VCs need to pay attention to Tue, 12 Oct 2021 04:00:33 +0000

More and more VCs are investing in companies using cutting edge digital technologies like AI, blockchain or cybersecurity. These companies are generally classified as deeptech.

But deeptech is much more than that. VCs need a new term to describe an industry that is similar, but not quite the same: scientific equity. Unlike deep technology, scientific equity is not digital. It is rooted in industrial technologies, also known as deep sciences, and involves fields such as nanotechnology, materials science, photonics, industrial biotechnology, and quantum computing.

Another important difference is that investments in science stocks focus on the pre-seed, seed and start-up phases. So earlier than venture capital.

The lack of a digital element can be off-putting for VCs (no apps, shock!), But these are the companies investors should be supporting. Why? Because these are the companies that have the potential to generate the most disruptive innovation and solve some of the enormous challenges facing humanity.

The state of scientific fairness

These startups will be vital to renewing Europe’s industrial base – IP-intensive industries represent 45% of EU GDP and 93% of exports. Scientific equity will also be key to achieving the UN’s 2030 sustainability goals because of the fundamental technological innovation required for the transition to a post-carbon society. For example, waste recovery or CO2 capture technologies, or new, more efficient methods of energy production or storage.

The European Commission understands their importance, and the EU and public investors from various countries are generally good at supporting science startups. There are also a few private investors active in Europe, including my fund, BeAble Capital, as well as Innovation Industries, Cottonwood, Venture Factory, Mito and Eureka.

And there are already examples of successful science-based private equity firms with their roots in Europe. Cellink (now BiCo Group), the Swedish-based bioprinting company whose technology prints tissues such as skin, liver and cartilage, is the first scientific fairness unicorn funded by the European Investment Commission .

Other good examples in Europe are the Spanish Fractus, pioneer of internal antennas for smartphones. There is also Skeleton Technologies, the Estonian ultracapacitor startup which is ttrying to solve some of the challenges of energy storage in the transport, grid and renewable energy sectors.

Where are the bottlenecks

To truly grow, however, the industry needs more Limited Partners (LPs) that support science-based venture capital firms. These include private institutional investors such as sovereign wealth funds, funds of funds and pension funds with deep pockets and long investment horizons to support the hundreds of millions of dollars and many years needed to to develop these companies.

But these investors are often quite conservative and do not understand the specifics of scientific fairness. Let’s not forget that we are talking about deep science and early stages, an interesting combination!

A lot of times when I start talking to investors about issues like technology transfer, I lose them. Coincing the term “scientific fairness” would be helpful in giving people a shortcut for talking about these types of businesses and a framework for understanding them.

Investors (such as general partners) themselves should be prepared to support these companies differently from traditional or digital venture capital holding companies. They are usually born in a research lab, and the support and guidance of investors in building a business around this “science core” is crucial. This can include developing human resources, creating the minimum viable product, working with early customers, and gaining market traction.

This means that we need specialized scientific action funds (and specialized general practitioners). While science equity funds come in even before generalist venture capital funds, they can help generalist funds understand the peculiarities of the sector.

We also need more science action funds. Most funds targeting this asset class are around € 50m. These are still too small for the kind of money the industry needs to invest.

A sign of what’s possible

A few global companies are already showing the potential of this new category. For example, Cottonwood Technology Fund, which operates out of the United States and the Netherlands, scored a big win when the American robotics company Sarcos was listed on Nasdaq via a Spac. This investment was made by the US team at Cottonwood – investment in European science stocks has not yet grown to this point. But it is a sign of what is possible.

Almudena Trigo is the founding partner and President of BeAble Capital, a Madrid-based venture capital firm that invests in scientific capital.

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Statues May Collapse, But Columbus Endures Sun, 10 Oct 2021 19:58:24 +0000

Patrick T. Conley is the award-winning Rhode Island historian.

Those historically ignorant vandals around America who demolish statues of Christopher Columbus over the mistaken belief that this deeply religious and fearless explorer personally sought to enslave Native Americans have a huge task ahead of them.

As historian and former Brown University researcher Dr. Carol Delaney convincingly documents in her book “Columbus and the Quest for Jerusalem”, “religion drove the journeys that led to America” . Delaney shows that Columbus was inspired to find a western transatlantic route to the East not only to satisfy his theory of navigation and obtain riches for the Spanish crown, but primarily to fund a new crusade to reclaim Jerusalem (the Holy Land) Muslims.

Thinking he had made landfall in the East Indies in southeastern China, he called the natives he met “Indians”. Being a zealous Catholic, Columbus sought their conversion to Christianity and their “salvation” rather than their enslavement. Some Amerindians like the Arawaks responded positively to these religious overtures, others, like the Caribbean, resisted them with force. When battles took place, the captured Caribbean were transported to Spain as slaves. Such a brutal fate inflicted on humans in 1500 shocks us in 2021, but enslaving an enemy was common practice at that time in Europe, Asia, Africa, and among most Native American tribes.